§ 7007. Quorum of directors. 1. Subject to subdivision two of this
section, unless a greater proportion is required by the organization
certificate, a majority of the entire board shall constitute a quorum
for the transaction of business or of any specified item of business,
except that the organization certificate or the by-laws may fix the
quorum at less than a majority of the entire board but not less than
one-third thereof.

2. Notwithstanding any provision contained in its organization
certificate, a bank or trust company, stock-form savings bank, or
stock-form savings and loan association may provide in its by-laws the
number of directors necessary to constitute a quorum at meetings of its
board. Such number shall not be less than five nor less than one-third
of the entire board except that a bank or trust company, stock-form
savings bank, or stock-form savings and loan association having not more
than seven directors may provide for a quorum of not less than a
majority of such directors.